CHARLOTTE, NC--(Marketwired - Oct 5, 2016) - OncoTAb, Inc., a University of North Carolina at Charlotte (UNCC) spin-out company, announced it has been awarded $300,000 by the National Cancer Institute (NCI) to initiate development of a targeted radionuclide therapy for triple negative breast cancer. In addition to preclinical work, the company will continue developing its patented antibody for therapeutic use in humans under this award.

This initial phase of the program is funded in whole by the NCI under a Small Business Innovation Research (SBIR) Phase I contract. NCI is part of the National Institutes of Health, an agency of the Department of Health and Human Services.

"This award is a testament to the compelling data we have showing the ability of our monoclonal antibody to target triple negative breast cancer tissue," said Pinku Mukherjee, OncoTAb Co-founder & Chief Science Officer, and Chair of Biological Sciences at the University of North Carolina at Charlotte. "Triple negative breast cancer is usually aggressive and more likely to recur. Unlike other breast cancer subtypes, there are no targeted therapies for this type of breast cancer. This program could lead to one."

"This has been an exciting year for OncoTAb. In addition to this award, we received another grant from the NCI and a matching award from the state of North Carolina, bringing our total federal and state funding for 2016 to over $530,000. These are extremely competitive awards and the proposed research was thoroughly scrutinized for scientific and commercialization potential," said OncoTAb CEO Rahul Puri. "Knowledge and determination, no matter how great, require the use of vital, often extensive, resources to generate scientific innovation. This funding allows us to build on our achievements and continue developing the next generation of life-saving treatments for breast cancer."

This press release is neither an offer to sell nor the solicitation of an offer to buy shares or any other security in any jurisdiction.

About OncoTAb, Inc.

OncoTAb (www.oncotab.com) is a University of North Carolina at Charlotte (UNCC) spin-out company with a patent-protected technology that is being used to address unmet cancer diagnosis and treatment needs. In May 2016, the company introduced a simple blood test to aid in the early detection of breast cancer in women with dense breast tissue whose cancers are missed 50% of the time. The company is also conducting research to develop treatments for triple negative breast cancer and pancreatic cancer.